CIBC Asset Management Inc. has raised its position in Amazon.com Inc. (AMZN,Financial) The company disclosed in its recent filing with the Securities and Exchange Commission that during the third quarter of 2024, its stake soared by 6.3% over the same period a year earlier, which is versus AMZN. The increase means the asset manager bought 153,722 more shares, raising its Amazon holdings to 2,591,961 shares, worth about $482.8 million. Amazon is now just the 17th of CIBC's 237 corporate holdings by value, representing 1.6 percent of its total investment portfolio.
That boost in Amazon's stake follows a broader trend of institutional investors making moves on the e-commerce leader. ING Groep NV revealed a notable rise in its stake by 14.7 percent to 3.5 million shares worth $652.2 million. Amazon Bookings has also seen other investors like Broderick Brian C and OneDigital Investment Advisors increase their holdings.
Despite these institutional actions, insider selling at Amazon makes the news. In November, up to $1.1 million, CEO Douglas J. Herrington sold 5,502 shares, while director Jonathan Rubinstein also sold 4,351 shares in December for around $1 million. However, key Amazon figures have seen their ownership of the company decrease slightly with these insider transactions.
The insider selling does raise questions about the immediate outlook, but with 72.2% of Amazon's stock now owned by institutional investors confidence in the company's long term prospects is strong.
